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their lives in the sandy hook elementary school shootings in newtown, connecticut. to the best vacation spot on earth. (all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is incredible. thanks, karen. love your mississippi outdoors. i vote for your florida beaches, dawn. bill, this louisiana seafood is delicious. we're having such a great year on the gulf, we've decided to put aside our rivalry. now is the perfect time to visit anyone of our states. the beaches and waters couldn't be more beautiful. take a boat ride, go fishing or just lay in the sun. we've got coastline to explore and wildlife to photograph. and there's world class dining with our world famous seafood. so for a great vacation this year, come to the gulf. its all fabulous but i give florida the edge. right after mississippi. you mean alabama. say louisiana or there's no dessert. this invitation is brought to you by bp and all of us who call the gulf home. can i still ship a gift in time for christmas? yeah,
the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking about fundamentals in the stock market more than just the cliff. we've got to talk about apple reversing its move lower this morning, sold more than 2 million iphone 5s in china. the best debut for any iphone in the china market. apple shares are higher as we mentioned. moving away from market bear territory. apple h
in newtown, connecticut. >> yep. >> we're all hugging our children a little more tightly this season. >> and everything's on the table. >> as an outdoorsman, i think we need to completely rethink guns in america. >> i think we need to protect our kids at the school, though. everything's on the table. >> our thoughts and prayers are with the families in newtown. >> thank you both very much. right now it's time for "squawk on the street." good morning. welcome to "squawk on the street." which debuted on cnbc's seven years ago today. happy anniversary to us. i'm melissa lee with carl and jim cramer and david faber live from the new york stock exchange. let's look at how we're setting up after yesterday's rally. particular strength in yesterday's rally. we didn't get housing starts, that's earlier today. as for the picture in europe, really the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end
'd like to say, that i think all of our hearts and prayers are with the families in newtown, connecticut. as a father, i cannot even imagine the utter horror that those families are going through right now, grieving the loss of their children and their loved ones. as far as the fiscal cliff is concerned, as the speaker has said, we remain committed to trying to minimize the impact on hard-working families and small businesses in this country, as far as tax increases are concerned. we look to find the answer to solve the problem on the spending issue here in washington. the president is not yet there. he has not come to where he needs to be in order for us to push through a bill that really does begin to address the problem. and as the speaker said, that's why we are now discussing an alternative plan, if the president and the white house cannot come our way. thank you. >> as the speaker and the leader said, we've been trying to make sure we do not go off this fiscal cliff. but at the same time, put america on a different path. one for job creation, one that also takes care of our spendin
to class. reporting live in newtown, connecticut, danielle lee. bill, back to you. >> thanks, danielle. i'll take it. 45 minutes, 40 minutes rather before the closing bell sounds for the day. a market that's holding on to the gains very close to the highs, up 98 points, shy of the high, 13,333 on the industrial. j.c. penney and groupon's ceo on herb greenberg's list of worst ceo. he'll be along to tell us why he's being so mean to these ceos. and coming up, home depot founder ken langone will join me coming up and will join me for the entire hour next hour on the "closing bell." [ male announcer ] citi turns 200 this year. so why exactly should that be of any interest to you? well, in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. like the transatlantic cable that connected continents. and the panama canal that made our world a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get cash when you want it. it's
of the newtown connecticut tragedy. we love the way you all have been strong in support of them. >> thank you. i very much appreciate that. michael, let me ask you, what do you want to be avoiding in 2013? >> i think you have to look at it from the standpoint of extreme. it's clearly in the bond market. it's clearly in the love for dividends. it's clearly in the love for income versus capital appreciation, versus cycle kral. i call this the rocky balboa stock market. we've had tremendous swings from the bears. you cannot deny the resilience, best year since '09. how is it comparatively smaller fiscal cliff going to do it? >> he does have a point. the relative strength of this market this year has been impressive given all the headwinds that this market has. >> it's been macho ka macho. that's the fighter who just passed away in puerto rico. it has taken blows like you can't believe and has hung in there. and the market leads the economy, not the economy leads the market. we remain defensively positioned because of profits, production and personal income. but we do know maybe we need to change th
in connecticut, sandy, fiscal cliff, everything. with that in mind where do you see consumer spending, consumer discretionary spending next year? >> i think in 2013 there's always a place that excels in consumer discretionary and it's based on product, price and where they can expand in terms of channel extension. in 2013 i think we'll see names like nordstrom where they are accelerating the rate of growth. i think we'll see urban outfitters continue their turnaround, perhaps in an accelerated pace in 2013, and i think you're going to continue to see, particularly in the first half of the year, the demand for products from michael kors do well. second half of the year is a different story and perhaps the turnaround of tiffany's to be the name for the second half. >> meantime, r.j., i think you would agree retail remembers scrambling right now because consumer confidence is plunging. three reports in a row that have been pretty dismal. >> yeah, i would agree. i think we're looking for a bit of a pullback in 2013, not only due to the fiscal cliff issues that will become more aware, especially whe
, the fiscal cliff, newtown, connecticut, what happened up there, that's the gem feeling overall. jcpenney, they've had promotions walking away from it every day, low discount price story. oppenheimer noted discount racks had been cleared and the traffic seems to have improved in that store. maybe that change in their philosophy has helped them out. that's a note that was out on oppenheimer today. bottom line here, guys, is i think we are seeing some movement with some companies to deal with some of these retail sales issues. you'll see a lot of pressure on margins. david, i think you mentioned this, about what was going on with inflows and outflows from equity mutual funds. it's true we're continuing to get outflows from equity mutual funds. that's certainly been disappointing. we had it going through up until last week. the end of last week, it was reported the first outflows from treasuries. more specifically, from general bond funds. that's the first time we've seen this in a very, very long time. all right, it was a very small number, something on the order of $1 billion or something
elections. it's likely to happen. and the school massacre in connecticut is now elevated gun control. democrats had been steering away from the issue out of political fear. connecticut changed the equation and the president will offer proposals in his state of the union. he'll face strong opposition from republicans and the gun lobby. that means bet on some action but not the sort of restrictions democratic liberals prefer. >> our thanks to john harwood. let's try to go back to mary thompson and see what is moving at the new york stock exchange. >> well, things are moving and my mike is finally working. as i mentioned earlier or was trying to mention, the dow had briefly dipped below 13,000. it is off the lows of the day. but again, wall street continues to keep watch on wall street or washington. most specifically the 3:00 meeting between the president and the leaders of congress. volumes today as you might expect, this is the second to last trading day of the new year, volumes are low. in fact, they're tracking below yesterday's levels, which were also very weak. as it stands right
especially after the horrible shooting in connecticut. marshall cohen at the mpd group says retailers had problems long before the tragedy. he says, quote, the lack of sales is due to the lack of excitement in merchandise and to blame it on this terrible disaster upsets me. and then of course there's everybody's concern about debt. they're avoiding it. >> christine, delinquency rates that are still very, very low compared to the last ten years. so i don't think that consumers are going wild this year. >> we heard that a lot. finally, it's even been a little slow they say at saks 5th avenue, on 5th avenue in new york city. our producer took these pictures. sw retail advisers says you could, quote, in saks hear a pin drop during a 60% sale going into saturday. but, bill and maria, i was in the very store in new york last week, my first time at saks during this time of the year. if that is slow for christmas, i don't want to know what busy is. i couldn't even get down the aisle. >> by the way, jane wells, you mentioned c's candy. unbelievably, they opened some kiosks in malls in the northeas
, the hurricane sandy, the track dpi in connecticut, people had a lot on their minds this season. this weekend was a key weekend. i think it helped. i didn't see promotions being extra promotional. but it's a push till the end. >> okay, so winners and losers? >> i think some of the winners, i think you're going to see companies like tjx, macy's. i think american eagle outfitters, even gap had a very good season, along with michael kors. >> losers? >> i think you had a tough time at jcpenney. i think the traffic was tough there all the time. i think kohl's had to be extra promotional in order to be able to drive the sales. and the whole children's sector was very promotional. from gymboree to children's place. >> so, dana, jason trennert from strat eegous. how are you doing? >> good, how are you, jason? >> good. normally retail stocks outperform in january, because i think that phenomenon that andrew was talking about is that there's a general sense that christmas gifts canceled at a certain point and then it comes back at the end and then you wind up having a big january and the stocks tend to
is the ticker on this of course, troubles surrounding the newtown, connecticut, shooting a lot of sellers on that stock during that period of time, today, issuing another $15 billion, expand its buy back program which it just announced with its fiscal second quarter results, announced 20 million share -- $20 million worth of buy backs and expand that to 15. nice gain on the shares. >> >> a big winner for the year. look at that chart. >> all handgunmakers, talking about this before, how ironic you can the obama administration was seen strict irbefore the elections and hand brought forward the dematte manned that might have been in the future, people wanted to bite hand guns. >> always the case. any time the debate over gun control flares up. >> does the framework of the "wall street journal" piece tell us anything new about best buy, sears? >> for sears, we have seen them cut costs, cut costs, sears and the kmart stores. it seems that this year the reckoning, the kmart operation, people have lost track of that if you send people inside kmart today, i think you basically find a relatively h
Search Results 0 to 11 of about 12